Coinbase has become the largest node operator on the Ethereum network, holding 11.42% of staked ETH with validators maintaining an impressive 99.75% uptime, which is higher than the network average.
According to a recent report, Coinbase currently manages 3.84 million Ether—worth around $6.8 billion—staked to its validators. As of March 3, the exchange controls 11.42% of the total staked ETH, making it the largest individual node operator on the network.
Anthony Sassano, host of The Daily Gwei, highlighted that while the staking platform Lido collectively holds more staked ETH, Coinbase leads as the largest single node operator.
High validator uptime and performance
Coinbase reported that its validators have achieved an impressive 99.75% uptime, surpassing its target of 99% without compromising security. The validator participation rate, which reflects how effectively validators perform consensus duties, was also 99.75%—higher than the network average of 99.52%.
The exchange also shared that its validators have a 99.76% success rate for signing and submitting blocks produced by their MEV (Maximum Extractable Value) relays, outperforming the network average of 99.38%.
Coinbase attributed this strong performance to a 2024 upgrade that allows validators to remain operational even during beacon node maintenance.
Although Coinbase operates a centralized exchange, it noted that its validators are spread across multiple regions, including Japan, Singapore, Ireland, Germany, and Hong Kong, to help maintain a decentralized Ethereum network.
ETH price surges above $2,000
Following Coinbase’s report, Ether prices saw a significant increase. On March 2, ETH reached a weekly high of $2,060.73, rising 12.3% in seven days. On March 19, daily trading volume hit $17.4 billion as ETH’s price climbed past $2,000.
This rally came despite bearish sentiment earlier in the month. On March 11, Yuga Labs’ vice president of blockchain suggested that ETH could drop as low as $200 in a prolonged bear market.
